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State Street, BNY Mellon Report Declining Profit

state-street,-bny-mellon-report-declining-profit

Custodian banks State Street Corp. and Bank of New York Mellon Corp. on Friday posted lower profit in the third quarter, though assets under management rose at both firms.

Earnings at BNY Mellon fell 9.3% to $944 million in the quarter ended Sept. 30 while revenue fell 0.4% to $3.8 billion. The bank grew its assets under management by 8.5% to $2 trillion.

“During…

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